At the end of each trading day, I will find what I believe is the best looking short term trade setup for the upcoming trading day. If you're a forex newbie, it can be tricky in the beginning trying to figure out how to look at charts and draw lines. My goal is help you understand the psychology of price movements so you can learn to analyze your own charts and trade on your very own. Trades will be posted by 1 am ET, Monday through Thursday evening.
Read First: Trade Rules!!
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A quick update: we are no short both half positions, one short at 1.2045 and one at 1.2075. The market is currently trading around 1.2065. No major news events today during the US session, so we will… More…
Good evening! My question of the day is will 1.20 hold or be broken in USD/CHF? Well, today we saw Existing Home Sales and Consumer Confidence come in lower than expected. We may see further USD weakness with Durable Goods and New Home Sales report out later at 8:30 am EST. … More…
US Existing Home sale came out at 6.12M and Consumer Confidence came out at 104.0, both lower than forecasted by the market. This supports our long bias on GBP/USD, but unfortunately, the pullback to 1.9900 never occured to enter long in the market. With the current market over 100 points away from our entry, we will … More…
Okay, so I may be the one who was sleep deprived last night when I posted the "Pick" last night. There was an error in last night's trade idea to go long at 2.0050. The pt was below the entry point! So, that trade is invalid. The short trade was valid and we were… More…
Cable continued to rally and hit pt1 at 2.0100 for +50 pips on half position.… More…
For tonight's "Pick," we will take a look at the Loonie and the upcoming economic reports for Canada. Now, the momentum for the Loonie has been super strong, as we can see in USD/CAD. Will it continue? I think it should without a change in fundamentals and… More…
Here's just a quick review on this trade. Our bullish outlook was correct at the time and our order to enter short was triggered during the early morning asian trading session. Cable picked up steam through out the morning Euro session and our position was… More…
The second half of our open short position reached the adjusted profit target at 1.1460 during the late morning Euro session. This offsets the small hit we took with the first half position and we came out with a small gain of +10 pips.… More…
Our trade panned out well today as Canadian employment data came out better than expected with new jobs rising by 54.9k versus the forecast of 12.0k. This sent lead to some Loonie buying in the early morning and our short position was… More…
Just a quick stop adjustment on our open USD/CHF position that was left open from Tuesday. We have ISM services coming up in a few minutes, so we will adjust our stop from 1.2240 to… More…
Tonight we will look at CAD/JPY. We've seen a few factors today that may push the pair down to a great buying price to jump in the "Return of the Carry Trade" bonanza we're seeing today. The bull run in oil took a breather today as tensions in Iran eased as… More…
